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Category: Coronavirus Updates

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May 19, 2021
PPP Applications, Forgiveness and SBA Programs

Reminder that your PPP1 forgiveness applications are due 10 months after your 24-week covered period is completed. For example, a PPP1 loan that was funded April 19th the 24-week covered period ends October 3rd. So, the 10-month due date to submit forgiveness applications ...

May 5, 2021
The Restaurant Revitalization Fund is Now Live

The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to increased profitability for some manufacturers and many big-box retailers. The restaurant industry, however, has had a much harder go of it...

March 11, 2021
Employee Retention Credit and How We Can Help

We are excited to be able to assist clients with Employee Retention Credit calculations this year. To learn more about those calculations and our services check out this 11 minute video that summarizes the credit and our services. ...

January 20, 2021
Webinar Recording 1/18/21- Updates to Latest Stimulus Package

Join CPAs Chris Wittich and Stacy Shaw along with members of the Boyum Barenscheer COVID-19 Resource Team for this informational webinar on updates relating to the latest stimulus package....

January 3, 2021
Employee Retention Tax Credit – 2021 rules

The employee retention tax credit is a payroll tax credit claimed on Form 941 that not very many people know about.  Originally you could either choose to have a PPP loan or you could claim the ERTC.  Nearly every client chose the PPP loan because the terms were far more f...

January 3, 2021
Employee Retention Tax Credit – 2020 rules

The employee retention tax credit is a payroll tax credit claimed on Form 941 that not very many people know about.  Originally you could either choose to have a PPP loan or you could claim the ERTC.  Nearly every client chose the PPP loan because the terms were far more f...

January 3, 2021
PPP: New Allowable Uses

Part of the COVID 19 Relief Bill was changes to the allowable uses of PPP loan funds.  This is a retroactive change, so it applies to the original PPP loans from 2020 but it also applies to the PPP second draw loans which should be open starting in January 2021.  Some folk...

January 3, 2021
State Conformity to CARES Act

The CARES Act and the subsequent COVID 19 relief bill that was passed December 27th brought about a lot of changes to federal tax systems.  Let’s take a quick look at some of those and how they might impact your state tax returns.  There are a number of small items, but ...

December 31, 2020
Is your Business Still Struggling in this Pandemic? Don’t Fear – PPP 2 is Here!

If your business is still struggling due to this pandemic, the good news is, there is a 2nd draw available to you from the PPP loan program.  This program will work like the first loan program.  There will be criteria that must be met in order to get this second draw:...

December 31, 2020
PPP Expenses are Deductible Now and Forgiveness Income is Not Taxable!

If you did not hear, you need to know – PPP expenses are deductible now after the passing of this last COVID stimulus package.  We were all sitting on the edge of our seats for the last few months waiting for Congress to fix the deductibility for us, otherwise, all busine...

December 31, 2020
PPP Loans Under $150K

The COVID19 Relief bill includes some changes  to PPP loans under $150K.  These changes apply to both the original PPP loans and the PPP second draw which should be available sometime in January....

December 31, 2020
More Good News for SBA 7(a) Loans

The new COVID Stimulus Bill signed by President Trump on December 27, 2020 brought more good news for businesses with SBA 7(a) loans.  The SBA paid 6 months of payments for borrowers during 2020, and the payments on these loans are NOT going to be included in taxable income...